Many transactions in the marketplace rely on hard (or verifiable) information about the underlying value of the intended exchange, typically through certification--- housing, diamonds, bonds being cases in point. What is the class of Pareto efficient certifications for such scenarios? This paper...

Neeman (2004) and Heifetz and Neeman (2006) have shown that, in auctions with incomplete information about payoffs, full surplus extraction is only possible if agents’ beliefs about other agents are fully informative about their own payoff parameters. They argue that the set of...